How much does it cost to raise a child?

How much does it cost to raise a child?

The real cost of raising a little one? £231,843 apparently.

A study has calculated you’ll be spending over £230,000 to raise your child to the age of 21 if they’re born this year. That’s the price of an average semi-detached house in Britain.

It’s becoming more and more expensive to raise a child. The figure has increased by more than £2,500 in the last year and more than £13,000 over the last five years, the study commissioned by LV= found. And in London it’s expected to be even higher at more than a quarter of a million pounds (£253,638).

The costs are highest between when a child is between one and four years old. In a baby’s first year, parents will spent around £11,498, which rises to £63,224 between one and four.

What’s more, almost a third of this is going on childcare, with parents spending approximately £70,000 on childcare and babysitting alone.

But don’t worry, it’s not all doom and gloom – at least the cost of children’s clothing is falling. Check out our money saving tips for parents.